Even though the S&P 500 fell 19.8% from peak to trough in late 2018, and even though the index was up 20%+ YTD in early July, take a look at the two data points below.  Yesterday’s 2.92% decline left the S&P at nearly the exact same level it was at one year ago.

S&P 500 close on 8/14/19: 2,840.60
S&P 500 close on 8/14/18: 2,839.96

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